After studying this chapter, you should be able to:
Discuss Accounting Standard 11 (AS 11) of the Institute of Chartered Accountants of India (ICAI).
Understand the provisions of the taxation system in India
Understand the concept of doubletaxation relief.
Highlight the salient features of doubletaxation avoidance treaties.
Accounting is a system of recording that helps a business communicate its performance to its stakeholders. It facilitates the preparation of financial statements such as the profit and loss account, the balance sheet, and the funds flow statement meant for various stakeholders (e.g., shareholders, investors, creditors, the public, ...